Why Choose a Short Sale

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Why Choose a Short Sale?

	FORECLOSURE	SHORT SALE

Credit Score Damage (based on agent reports)	250 points or more	150 points or less (NOTE: credit monitoring agencies may change policy on score modification)
Mark Against Your Financial Record	Permanent record at county courthouse	Drops off credit scoring system after 7 years
Time to Qualify to Buy Again (FNMA)	5–7 years	2 years
Down Payment on Future Purchase (FNMA)	10 percent or greater, maybe 20 percent	Less than 10 percent